Congress 116 - HR 7483 - Flexible Financing for Rural America Act of 2020

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Topics

Agricultural prices, subsidies, credit Agriculture and Food Cardiovascular and respiratory health Electric power generation and transmission Emergency medical services and trauma care Government lending and loan guarantees Infectious and parasitic diseases Interest, dividends, interest rates Internet and video services Internet, web applications, social media Public utilities and utility rates Rural conditions and development Telephone and wireless communication

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Summary

Flexible Financing for Rural America Act of 2020

This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.

Specifically, on receipt of a request, USDA must

adjust the interest rate on the loan to match certain interest rates in effect when the bill is enacted for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and
make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 (i.e., coronavirus disease 2019) public health emergency and to promote the financial sustainability of the borrower.

In carrying out the adjustments or modifications, USDA shall not impose or collect any fee from, or impose any penalty on, a borrower.

The bill also provides funding to implement the adjustments and modifications.

Actions

Sep 3, 2020

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Jul 2, 2020

Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jul 2, 2020

Introduced in House

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